Investment Rating - The report indicates a stable outlook for the Brisbane industrial market, with prime yields remaining stable and a slight firming observed in secondary yields [9][17][26]. Core Insights - Industrial turnover in Q1 was recorded at $277 million, a decrease from $539 million in Q4, reflecting a return to levels seen earlier in 2023 [9]. - The largest transaction in Q1 was the sale of a multi-warehouse estate at 14 Dixon Street, Yatala, for $102.50 million, reflecting a core market yield of 6.35% [9]. - Vacancy rates increased by 21% in Q1, attributed mainly to new developments and lower leasing take-up, resulting in a total vacancy of 782,562 sqm [10][16]. - Prime net rents showed modest growth, with an increase to $160/sqm net, while secondary rents also saw a rise [22][31]. - Land values continued to appreciate, with sites under 5,000 sqm increasing by 32% year-on-year to $766/sqm [22][46]. Summary by Sections Industrial Market Overview - The Brisbane industrial market experienced a decline in turnover, with Q1 figures reflecting a significant drop compared to Q4 [9]. - Yields remained stable, with prime yields at 6.10% and secondary yields tightening by 64bps year-on-year [9][17]. Vacancy and Leasing Activity - Total vacancy increased to 782,562 sqm, with a vacancy rate of 5.2%, up from 4.3% in Q4-24 [16]. - Leasing activity was down 22% quarter-on-quarter, with a total take-up of 159,483 sqm [16]. Rental Growth and Land Values - Prime rents increased by 6.7% year-on-year, while secondary rents rose by 5.2% [22]. - Land values for smaller lots saw significant growth, with a 26.5% increase for sites 1-5ha [22]. Transaction Highlights - Notable transactions included the sale of properties at 14 Dixon Street and 836-854 Boundary Rd, reflecting strong buyer engagement and yield certainty [9][22].